BYD Co. Limited (HK:1211) reported a 62% surge in its vehicle sales in 2023. The company hit a new milestone by achieving its annual target for 2023 by selling around 3.02 million units. This includes 1.6 million BEVs (battery electric vehicles) and around 1.4 million PHEVs (plug-in hybrid electric vehicles). With Tesla (NASDAQ:TSLA) expected to report its 2023 deliveries soon, expectations are high that BYD surpassed the Elon Musk-led electric vehicle (EV) maker’s Q4 deliveries.
The share price is trading down by 2.52% at the time of writing today. The stock ended the year 2023 with a gain of 3.67%.
Based in China, BYD Co. is one of the leading global EV manufacturers.
Strong Year-End Performance
BYD sold 341,043 NEVs (new energy vehicles) in December, reflecting a growth of 45% on a year-over-year basis and 12.96% over the last month. The total NEV sales were mainly lifted by its passenger cars, with sales of 340,178 units in December.
During the fourth quarter, BYD sold 944,779 NEVs, which was 38.24% higher compared to the same quarter in 2022.
The company achieved higher growth, driven by its expansion strategy in international markets. In December, the company sold 36,095 NEVs in international markets, which showed a remarkable increase of 218.86% year-over-year and a notable rise of 17.85% from November.
Last month, the company announced its plans to expand into European markets to reduce its dependency on China. BYD is currently in discussions with the Hungarian government regarding a new factory. The company aims to secure a leading position in the European EV industry by 2030.
BYD is scheduled to publish its full-year results for 2023 on March 26, 2024.
Is BYD Stock a Good Buy?
According to TipRanks, 1211 stock has a Strong Buy consensus rating, backed by seven Buys and one Hold recommendation. The BYD Co. share price target is HK$324.04, which implies an upside of 51% from the current trading level.
